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Friday, July 20, 2012

Hearing: Job Creators Still Buried by Red Tape

ABA member Jim Hamby testified before the House Committee on Oversight and Government Reform in a hearing on regulatory impediments to job creation. Hamby, President and CEO of Vision Bank in Oklahoma, highlighted the many regulatory issues that banks are facing in addition to Dodd-Frank.
The calculus is fairly simple; more regulation means more resources devoted to regulatory compliance, and the more resources we devote to regulatory compliance, the fewer resources we can dedicate to doing what banks do best – meeting the credit needs of our local communities. Every dollar spent on regulatory compliance means as many as ten fewer dollars available for creditworthy borrowers. Less credit in turn means businesses can’t grow and create new jobs. As a result, local economies suffer and the national economy suffers along with them.
Read all statements and view the hearing.

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